Total banking assets in the UAE, including bank acceptance certificates, increased by 0.8 percent from AED 3.99 trillion at the end of October 2023 to penetrate for the first time AED 4 trillion to AED 4.026 trillion at the end of November 2023.
According to UAE Central Bank data, total credit increased by 1.0 percent from AED 1.97 trillion at the end of October 2023 to AED 1.99 trillion at the end of November 2023. Total credit rose due to a 0.8 percent rise in domestic credit and a 2.8 percent rise in foreign credit. The rise in domestic credit was attributed to a 5 percent rise in credit to the public sector (government-linked entities), 2 percent to the private sector, and 6 percent to non-bank financial institutions, respectively. While credit granted to the government sector decreased by 12.2 percent during November 2023.
Source (Al Khaleej Emirati Newspaper, Edited)
